Kumul Petroleum Holdings Limited, Hevehe Petroleum Limited and Twinza Oil (PNG) Limited have signed a Memorandum of Understanding (MoU) to jointly investigate gas aggregation opportunities in the Gulf of Papua.
The agreement provides a framework for the parties to undertake joint studies and evaluate the technical and commercial feasibility of aggregating gas from discovered or prospective assets within the broader Gulf of Papua area for domestic use and/or export through shared infrastructure.
Luke Liria, acting managing director of Kumul Petroleum, said the company welcomed the partnership as part of its mandate as the national petroleum and energy company.
“KPHL, as the national petroleum and energy company, looks forward to partnering with MRDC and Twinza to explore pathways that could accelerate the development of Papua New Guinea’s offshore gas resources and contribute to the national economy,” Liria said.
Augustine S. Mano, managing director and chief executive officer of Mineral Resources Development Company (MRDC), described the MoU as an important step for MRDC and Hevehe Petroleum.
“Landowners and provincial governments hold 50 per cent of the Pasca A Project through Hevehe, and this gives real value to their participation. By working with Kumul Petroleum and Twinza, we can look at ways to develop gas in the Gulf of Papua more efficiently and at lower cost. This will lead to better returns for our landowners and communities. We are committed to using our experience to support this partnership and deliver long-term benefits for our people,” Mano said.
Stephen Quantrill, executive chairman of Twinza, said the MoU marked a significant step towards unlocking offshore oil and gas potential in the Gulf of Papua.
“By assessing the aggregation of resources from multiple discovered and prospective fields, we will evaluate shared infrastructure to enhance commercial viability for both domestic use and export. This collaboration enables us to jointly pursue strategic growth, ensuring we create a scalable, efficient energy platform for the benefit of partners and for the people of PNG,” Quantrill said.
Twinza is the operator of the Pasca Project, PNG’s first offshore oil and gas development, and is partnering with MRDC and Kumul Petroleum under the new agreement to examine options for coordinated development in the Gulf.
